In the first reading released on Thursday, US President Joe Biden reacted to the result of the US Gross Domestic Product (GDP), which shrank 0.9% year-on-year in the second quarter.
“It’s not surprising that the economy is slowing as the Fed takes action to lower inflation,” Biden said in a statement.
The Democrat argued that despite “historic global challenges”, US economic activity was “on the right track” and would shift to a more sustainable growth model. According to him, the job market remains “strong” with an unemployment rate of 3.6% and 1 million jobs created in the first quarter.
Biden also reminded that South Korean SK Group has invested more than 200 billion dollars in American production. “My economic plan focuses on reducing inflation without giving up all the economic gains we’ve made,” he said, urging Congress to pass the law he proposed.
source: Noticias
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